It is nice to see that Richard Russell, famed octogenarian investment newsletter author, has apparently recovered fully from his recent setback. This quote is an example of his outlook on markets (emboldening added):
Subscribers who are buying or holding stocks on the on the basis of the better employment news should remember that deteriorating internals in the face of improving newspaper headlines give us the worst of all markets. I cannot warn subscribers strongly enough that they face hard times in both the market and the economy during the months ahead. The operative words now are “extreme caution.” Please be out of all common stocks with the exception of the mining shares. According to my studies this year it’s going to be a long, cold fall and winter.
It is difficult to argue with his outlook, although mining stocks likely have not done well in down markets, at least during the primary downward moves. Longer term they should be fine. I currently own them although not in aggressive quantities.
No comments:
Post a Comment